Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tata Capital Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited</a> is looking to raise up to US$2bn in its upcoming India IPO.</li>
<li>Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we talk about the positive aspects of the deal.


Tata Capital Pre-IPO - The Positives - Will Ride High on the Brand Name

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We compile our picks across Japan, China and India based on bottom-up triggers in each company.Our top picks in China <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK) and</a> <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>
</li>
<li>Post our insight <a href="https://www.smartkarma.com/insights/dongfeng-motor-489hk-abandoned-restructuring-cash-mcap-can-it-be-a-dark-horse-in-coming-future" target="_blank" data-smartkarma-citation="insights:190701" rel="noopener">Dongfeng Motor(489HK)-Abandoned Restructuring,Cash &gt; MCap : Can It Be A Dark Horse In Coming Future?</a> , <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> is up 150% driven by delisting offer.</li>
<li>Our top picks in Japan are<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>,<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> and in India,it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN) and </a><a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a><a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener"> </a>
</li>
</ul>


We compile our picks across Japan, China and India based on bottom-up triggers in each company.Our top picks in China Chow Tai Fook Jewellery (1929 HK) and Midea Group (300 HK)

Post our insight Dongfeng Motor(489HK)-Abandoned Restructuring,Cash &gt; MCap : Can It Be A Dark Horse In Coming Future? , Dongfeng Motor (489 HK) is up 150% driven by delisting offer.
Our top picks in Japan areDenso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India,it is Mahindra &amp; Mahindra (MM IN),Ashok Leyland (AL IN) and TVS Motor (TVSL IN) 



Shortlist Of High Conviction Ideas Across China, Japan, India - August 2025

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Management reiterated a plan to double revenues in 3–4 years, anchored on premiumisation, global expansion, and synergies from the Walter Pack acquisition. 
</li>
<li>Decorative aesthetics is gaining relevance as OEMs push differentiation via design, while exports de-risk domestic cyclicality.</li>
<li>The growth vision is credible, but execution in integrating Walter Pack, sustaining &gt;25% EBITDA margins, and scaling exports to ~15% of sales will determine delivery.</li>
</ul>


Management reiterated a plan to double revenues in 3–4 years, anchored on premiumisation, global expansion, and synergies from the Walter Pack acquisition. 

Decorative aesthetics is gaining relevance as OEMs push differentiation via design, while exports de-risk domestic cyclicality.
The growth vision is credible, but execution in integrating Walter Pack, sustaining &gt;25% EBITDA margins, and scaling exports to ~15% of sales will determine delivery.


The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.</li>
<li>It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.</li>
<li>Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year. </li>
</ul>


Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.
It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.
Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year. 


Maruti E‑Vitara Launch: Make in India, Make for the World...

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.


Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

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Tata Motors Passenger Vehicles (TMPV IN)

Tata Capital Pre-IPO - The Positives - Will Ride High on the Brand Name

Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Shortlist Of High Conviction Ideas Across China, Japan, India - August 2025

Here is an update on Midea Group recent results announced on 29Aug, which we missed in the note. For the first six months ended 30 June 2025,...

Sreemant Dudhoria,CFA

The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play

Management aims to double revenues in 3-4 years through premiumisation, global expansion, and synergies from acquisition, with a focus on...

Sudarshan Bhandari

Maruti E‑Vitara Launch: Make in India, Make for the World...

PM Modi launches Maruti Suzuki's e-Vitara EV production, emphasizing "Make in India, Make for the World" to boost India's EV manufacturing and...

Nimish Maheshwari

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Capital Pre-IPO - The Positives - Will Ride High on the Brand Name

Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Shortlist Of High Conviction Ideas Across China, Japan, India - August 2025

Here is an update on Midea Group recent results announced on 29Aug, which we missed in the note. For the first six months ended 30 June 2025,...

Sreemant Dudhoria,CFA

The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play

​Management aims to double revenues in 3-4 years through premiumisation, global expansion, and synergies from acquisition, with a focus on...

Sudarshan Bhandari

Maruti E‑Vitara Launch: Make in India, Make for the World...

​PM Modi launches Maruti Suzuki's e-Vitara EV production, emphasizing "Make in India, Make for the World" to boost India's EV manufacturing and...

Nimish Maheshwari

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

Management aims to double revenues in 3-4 years through premiumisation, global expansion, and synergies from acquisition, with a focus on...

PM Modi launches Maruti Suzuki's e-Vitara EV production, emphasizing "Make in India, Make for the World" to boost India's EV manufacturing and...